US Energy (USEG) Q4 2025 earnings summary

Executive summary

• Completed strategic transformation into an integrated industrial gas, energy, and carbon management platform, monetizing legacy oil and gas assets to fund new initiatives.

• Now controls 1.3 BCF of certified helium and 444 BCF of CO2 resources, with three revenue streams: helium sales, carbon management, and CO2-enhanced oil recovery.

• Filed first Montana MRV applications with the EPA, advancing regulatory path for CCUS projects.

• Entered 2026 with a strong balance sheet and clear path to initial helium sales and carbon management operations.

Financial highlights

• Full year 2025 production was 164,752 BOE (68% oil), down from 415,887 BOE in 2024 due to asset divestitures.

• 2025 revenue totaled $7.4 million, down from $20.6 million in 2024, reflecting lower production and commodity prices.

• Adjusted EBITDA for 2025 was ($4.5 million), compared to $3.6 million in 2024.

• Net loss for 2025 was $14.4 million, or $0.43 per diluted share, including a $3.6 million non-cash impairment and $0.4 million loss on asset sales.

• Fourth quarter 2025 production was 33,733 BOE, with revenue of $1.4 million and Adjusted EBITDA of ($0.5 million).

Outlook and guidance

• Targeting Final Investment Decision (FID) on processing plant in Q2 2026.

• Initial helium sales, carbon management operations, and CO2-EOR activity expected to commence in Q1 2027.

• Expects to qualify for $130 million in Phase 1 Section 45Q tax credits at $85/ton CO2 captured.

• Multiple near-term catalysts in 2026: plant construction FID, long-term helium offtake agreement, EPA MRV approvals, and CO2-EOR development.